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Power of Attorney (POA) is an important document that many NRIs often have to deal with. This document is mostly used in real estate transactions. A lot of attention should be paid to the NRI Power of Attorney while you are getting it made. Especially in cases where there are large monetary transactions, making sure that you have drawn the right NRI Power of Attorney, and followed all the due procedures will help keep your transaction safe.
A Power of Attorney (POA) is a document that gives another person chosen by you, the power to undertake acts or deeds when you cannot physically be present. In essence, a Power of Attorney gives the designated person the power to execute deeds or sign certain contracts on your behalf. Exactly what this designated person can do is also specified in the document.
Before you decide to draw a POA, you must know that there are two possible kinds of POA. Let us look at them in greater detail:
A general POA gives the designated person a larger scope of power to complete multiple transactions or deeds that is expected.
A special POA is narrower in scope. It specifies exactly what deeds or transactions the designated person can complete on your behalf.
If you want to draw a POA and send it to India, then it is best to go to your local Indian Consulate to get it attested. This is very important as the document will not be valid unless you attest it first. Here are the steps you should take to get your NRI POA attested at the Indian Consulate:
We recommend that you call your local consulate in advance to confirm exactly which documents and how many copies of them you would need. This will ensure that you are prepared, and will save everyone involved a lot of time. However, here are the main documents that you will need to take with you when you go to get your POA attested.
Keeping all these points in mind will make your journey to sending that Power of Attorney to India an easier task than you imagined.
Q: i am not sure if i have approached you.
My father purchased 1200sq ft land in 1984 for RS70,00
I am not aware of today's value (I presume it would be RS 30 lakhs.
My share presumably is RS 7 LAKHS 50 THOUSAND
Of this how much can i r..?
A: To know information about taxes for NRI you can follow the link https://www.videshi.com/nri-information/capital-gains-tax-on-sale-of-inherited-property
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